Citigroup To Provide Pension Pooling Structure For Legal & General Investment Management
London– June 8, 2006 — Global Transaction Services, a business of Citigroup Corporate and Investment Banking, today announced it has created a pension pooling structure using the Irish Common Contractual Fund (CCF) for Legal & General Investment Management (LGIM), one of the leading fund management groups in the United Kingdom.
The CCF is a tax transparent mutual fund specifically designed by the Irish market to meet the twin objectives of asset aggregation and tax transparency. The Citigroup solution enables LGIM to distribute the CCF to a large number of European pension fund clients allowing clients to realise their full entitlements under existing double taxation treaties.
Mike Craston, Managing Director, Corporate Pensions, LGIM, said,
“The CCF combines LGIM’s expertise in index fund management
with Citigroup’s experience in fund services and custody.
We have worked closely with Citigroup to establish the structure
which provides our clients with a cost-effective, pooled solution
with the benefit of tax transparency.”
Bernard Hanratty, Director, Citigroup Global Transaction Services, said, "Citigroup is pleased to partner with LGIM to create this pension pooling structure. Leveraging a structure using the CCF allows LGIM to further enhance its leading index management service to European pension funds while marking an important initiative for Citigroup's growing fund services business."
Citigroup offers pension pooling services in the Luxembourg, Irish and Dutch markets for the growing multi-national and fund manager sectors. Citigroup's expertise in this area compliments the notional asset pooling solutions that it has delivered in Europe for the past 10 years.
Citigroup (NYSE: C), the leading global financial services company has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com
Citigroup Corporate and Investment Banking
Our Corporate and Investment Banking group achieves the extraordinary for our clients around the world. No financial institution is more committed to understanding and advancing the goals of its clients – our diverse and talented staff in some 100 countries advises companies, governments, and institutional investors on the best way to realize their strategic objectives. We create solutions for and provide the broadest possible capital and market access to thousands of issuer and investor clients, and no institution better executes the increasingly complex payment and cash management solutions required in today's global economy. Core business lines under Citigroup Corporate and Investment Banking include Global Capital Markets, Global Banking and Global Transaction Services.